The racing and breeding empire of embattled businessman Nathan Tinkler is close to being dispersed following the sale of several of his top horses on Wednesday.

Group One winner Nechita was among 16 racehorses, along with a host of weanlings and broodmares, put up for auction at the Magic Millions complex on the Gold Coast as part of a Patinack Farm reduction sale.

A daughter of boom sire Fastnet Rock, Nechita attracted spirited bidding before she was eventually knocked down to breeding and racing giant Coolmore Stud for $1.55 million.

While she was sold as a racing proposition, Coolmore spokesman Tom Magnier told Magic Millions that Nechita would be retired.

It is believed Nechita might be served by Coolmore's new first season sire, the former champion three-year-old, Pierro.

Another Group One winner for Patinack Farm, Pear Tart, sold for $675,000 and was expected to head to Ireland.

The Group One-placed Longport was secured for $800,000 and will continue her career under trainer Danny Bougoure.

Bloodstock agent James Harron, representing trainer Gai Waterhouse, paid $700,000 for the lightly raced Sookie, who won a Group Three race at Doomben last Saturday.

Other black-type winners to go under the hammer were Pane In The Glass ($500,000) and Real Stolle ($325,000).

The reduction sale heralds the demise of Tinkler's Patinack Farm operation, with the remainder of his horses expected to be sold next month.

Tinkler took a serious interest in the racing industry six years ago and spent millions of dollars on yearlings to build a thoroughbred empire.

But his finances have taken a major hit as the result of falling coal prices, the commodity which made him Australia's youngest billionaire.

Tinkler will have a final chance for racetrack success under the Patinack Farm banner this weekend with runners in Brisbane and Sydney.

Ferment and Reflectance head the Brisbane team in the Group Two Queensland Guineas at Eagle Farm on Saturday, while Maules Creek and Honourable Aussie are among the Patinack squad for Rosehill.

Patinack Farm trainer John Thompson plans to branch out on his own once Tinkler's team is sold.

Harvey laments loss to the racing industry

The director of Magic Millions, Gerry Harvey, says he is disappointed Tinkler is clearing out his racing and breeding operation.

"He's put a huge amount of money in, and I don't know how much he's going to end up losing - $100 million, $200 million or some huge amount of money," Harvey said.

"But that amount of money went into this industry and the whole industry has been a beneficiary of that money."

Magic Millions managing director Vin Cox says Tinkler is not entirely exiting the racing industry and is retaining more than 200 broodmares as well as their foals.

"Mr Tinkler's taken the view that he wants to get out of racing, he does enjoy the breeding side of things and sales, so selling yearlings next year, if someone came along and offered him good money for the outfit I'm sure he'd look at it," he said.